A South Korean man posed as a wealthy businessman and showered female streamers with donations before defrauding multiple victims of approximately $3.4 million.
The man, identified only as ‘A,’ was sentenced to seven years in prison by the Suwon High Court on August 15.
He previously received separate four-year and three-year sentences for two fraud cases. The appeals court combined the cases and handed down a single seven-year sentence.
According to Seoul Economic Daily, the man stole around 4.8 billion won, equivalent to $3.4 million, from streamers, gift certificate dealers, and other victims between August 2023 and May 2025.
Fake tycoon used streamer donations to gain trust
The man gained attention by sending female streamers huge numbers of ‘Star Balloons,’ paid virtual gifts that can be converted into money.
After establishing himself as a major donor, he met streamers in person and attempted to convince them that he was a wealthy investor.
In one case, he reportedly claimed to convert “black money into white money” and promised a streamer 7% weekly interest if she loaned him cash. He received 510 million won through the scheme, according to Kyeongin Ilbo.
He also promised to help streamers win donation competitions by flooding their broadcasts with gifts. One streamer gave him 60 million won after he claimed the money would be returned, but never received it back.
The man told other victims that he operated a school foundation, ran companies, traded gift certificates, and worked as an angel investor. Investigators found that he had no significant income and owed more than two billion won following failed cryptocurrency investments.
Prosecutors said he used the stolen money for gambling, streamer donations, and paying existing debts.
The court described his conduct as “highly reprehensible,” noting that he had previous convictions for similar offenses and that most victims had not recovered their money.
However, judges considered that he admitted the charges and returned around one billion won to some victims when determining his sentence.
This isn’t the first time donations to streamers have caused controversy in Korea. Last year, a streamer was found dead and a viewer was arrested for murder after donating tens of thousands of dollars to her.
Meanwhile, in China, a man filed for divorce after learning his wife blew their life savings on a male streamer, sending him around $94,000 USD and leaving the family deep in debt.
